LoanOptions.ai launches auto complete loan application engine

LO 3.0 – initially available to borrowers utilising the LoanOptions.ai loan comparison website before rolling out to brokers using its white labelled version – almost entirely automates the loan application process, reducing the time it takes to make business, personal, vehicle, equipment, or equipment finance loan application ready for lodgement.

According to the three-year-old fintech, the Auto Complete Engine (ACE) uses advanced technology, artificial intelligence (AI), and third-party services to pre-fill client information and match against lender requirements, reducing application time by more than 50 per cent.

As well as speeding up the loan application time, the new system also ensures accuracy of the information by directly pulling information from third-party services and bureaus.

For example, it can pre-fill applications using data pulled from photos of driving licenses, bank statements, and credit files and harnessing open AI technology to pull data from payslips, car registration, and Single Touch Payroll and super guarantee (to validate the payslip), among other data sources.

The new version also includes a new large language model (LLM) Ask AILO, a function purpose-built for LoanOptions.ai to help customers get answers to commonly asked questions about credit policy and applications, and a range of additional Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) tools and user interface improvements.

Speaking about the new tech, the founder and chief executive of LoanOptions.ai, Julian Fayad, said the latest developments had helped bring to life his original vision for the platform.

“We had a bold vision when we launched LoanOptions.ai over three years ago and we’re thrilled to be introducing our third iteration in three years that truly embodies that vision,” he said.

“With each version of LoanOptions.ai, we continued to learn, evolve, and grow. Today, as we unveil LO 3.0, I can proudly say that this is the closest we’ve come yet to realising our original vision.

“This is a testament to our dedicated, laser-focused, and extremely talented team and the support of our lending partners who trust us with their clients.

“There’s always room to celebrate wins, but it’s important to note that this is still only the beginning for LoanOptions.ai.

“We will continue to develop our ACE and will continue to push limits, innovate, and relentlessly improve in the pursuit of simplifying and streamlining loan comparison and matching for customers and lenders.”

Broker/partner white label update to come

While the initial roll-out of LO 3.0 is for large-scale consumer testing today, it is expected that the tech will expand out to the white label network within the next six months. Early adopters will be given first access before the tech expands to the broader broker partner networks.

LoanOptions.ai said the update would include a more simplified partner integration process that will allow smooth roll-out across the hundreds of active partners, as well as substantial improvements to the platform’s Probability of Approval AI model. Additional features will continue to be introduced in future iterations, including its own proprietary score.

It suggested the new tech would help provide brokers with “a competitive point of difference” as it would enable them to capture more fully qualified asset finance leads and potentially identify any home loan or refinance opportunities, thereby bolstering new revenue opportunities.

More updates coming online next year include the introduction of the “home loan comparisons” and “complete home loan application”.

Find out more about the innovations in broker technology in The Adviser webcast, Tech stacking – the tech tools making brokers’ lives easier, here.

[Related: Fintech loan platform white labels online widget]